Manoj Mohanka, former chairman of Network 18 Media and Investments and a finance and management expert, is preparing to acquire ailing media house Deccan Chronicle Holdings (DCHL) through a deal being worked out among the stakeholders and lenders. The former president of Calcutta Chambers of Commerce has accepted a proposal from DCHL’s single largest stakeholder, Srei Infrastructure Finance, to infuse fresh capital into the beleaguered media house. Mohanka told ET, “There is huge potential in turning the publication around, but it cannot be done with the existing debt even if some miracle takes place. If all the stakeholders buy into the proposed scheme of compromise, then there is certainly huge opportunity for a turnaround.” The move comes even as ICICI BankBSE -1.45 %, a large creditor of DCHL, is contesting the stakeholding of Srei Infra Finance, which was allotted 6.6 crore shares of Rs 2 each, constituting 24% stake, by DCHL management in January 2015. ICICI Bank, which had in February 2015 announced the acquisition of 24.9% stake in DCHL through invocation of pledged shares, argues that the allotment amounted to breach of an interim stay issued by the courts
Source: Economic TimesManoj Mohanka may acquire Deccan Chronicle.
Industry: Media 2016-03-03
